Program of Internal Replacement definition

Program of Internal Replacement means any effort by the Cedent, its affiliates, successors or assigns generally to solicit replacements of Policies by which a Policy or any portion of the cash value of a Policy is exchanged for another policy or contract that is not reinsured under this Agreement; provided, however, that providing unsolicited replacements at the request of a Policy owner shall not be considered a Program of Internal Replacement.

Program of Internal Replacement means any program sponsored or supported by the Ceding Company or any of its Affiliates that is offered to a class of policy owners and in which a Reinsured Policy or a portion of a Reinsured Policy is exchanged for another policy that is written by the Ceding Company or any Affiliate of the Ceding Company or any successor or assignee of any of them.

Program of Internal Replacement has the meaning set forth in Section 2.1(b).

Examples of Program of Internal Replacement in a sentence

• A Terminal Accounting and Settlement shall take place if: (1) any reinsurance under this Agreement is recaptured in accordance with Article XIII Paragraph 5; (2) any portion or percentage of all reinsurance under this Agreement is recaptured in accordance with Article VIII, Paragraph 4; (3) the Policies are subject to a Program of Internal Replacement as described in Article VIII, Paragraph 5; or (4) this Agreement is terminated.

• Should the Cedent, its affiliates, successors or assigns, initiate a "Program of Internal Replacement" that includes any of the Policies reinsured hereunder, the Cedent shall immediately notify the Reinsurer.

• For purposes of this Agreement, the term "Program of Internal Replacement" means any effort by the Cedent, its affiliates, successors or assigns generally to solicit replacements of Policies by which a Policy or any portion of the cash value of a Policy is exchanged for another policy or contract that is not reinsured under this Agreement; provided, however, that providing unsolicited replacements at the request of a Policy owner shall not be considered a Program of Internal Replacement.

• In the event that a Program of Internal Replacement of the Covered Insurance Policies is required by Applicable Law or at the direction of any Governmental Body, the Ceding Company and the Reinsurer will attempt in good faith to renegotiate this Agreement to carry out its original intent with respect to the sharing of risk between the Parties in accordance with Applicable Law and risk transfer regulations.

• Should the Ceding Company, its affiliates, --------------------- successors or assigns, initiate a "Program of Internal Replacement" that includes any of the Policies reinsured hereunder, the Ceding Company shall immediately notify the Reinsurer.

More Definitions of Program of Internal Replacement

Program of Internal Replacement means any program offered to a class of policy owners in which a policy or any portion of a policy is exchanged for another policy, not reinsured under this Agreement, which is written by the Company, its affiliates, successors, or assigns.

Program of Internal Replacement has the meaning set forth in Section 7.4.

Program of Internal Replacement means any program that is initiated, maintained, sponsored or supported by the Ceding Company or any of its Affiliates to offer on a targeted basis to a class of contractholders, insureds or beneficiaries under Covered Insurance Policies to exchange any Covered Insurance Policy or any portion thereof for another policy or contract written by the Ceding Company or any of its Affiliates that is not included in the Reinsured Business. For the avoidance of doubt, nothing in this Section 2.7 shall prohibit the Ceding Company or any of its Affiliates from engaging in general solicitations or marketing efforts not targeted at contractholders, insureds and beneficiaries under the Covered Insurance Policies, or any Distributors, or otherwise issuing Policies to any Person who contacts the Ceding Company or any of its Affiliates on his or her own initiative without direct solicitation or as a result of such general solicitations or marketing efforts. In the event that a Program of Internal Replacement of the Covered Insurance Policies is required by Applicable Law or at the direction of any Governmental Body, the Ceding Company and the Reinsurer will attempt in good faith to renegotiate this Agreement to carry out its original intent with respect to the sharing of risk between the Parties in accordance with Applicable Law and risk transfer regulations.

Program of Internal Replacement means any program sponsored by the Cedant or any of its Affiliates that is offered to a class of policyholders and through which a policy is exchanged for, or otherwise canceled and replaced with, a policy that is not a Reinsured Policy hereunder; provided, however, the actions and recommendations of the agents and brokers of the Cedant and its Affiliates, regardless of the effects thereof on the Reinsured Policies, shall not constitute a Program of Internal Replacement.

Program of Internal Replacement means any Ceding Company- or Affiliate- sponsored corporate program offered to a class of policy or contract owners in which a group of holders of Covered Insurance Policies are targeted in a direct, programmatic or systematic manner for intended exchange for other policies written by the Ceding Company or its Affiliates and that are not Covered Insurance Policies; provided, however, that (i) the actions and recommendations of the agents, general agents or brokers of the Ceding Company or its Affiliates, acting independently and not at the direction of the Ceding Company or its Affiliates, regardless of the effects thereof on the Covered Insurance Policies, shall not constitute a program of internal replacement, and (ii) nothing in this Section 2.1(c) shall prohibit the Ceding Company or any of its Affiliates from engaging in general solicitations or marketing efforts not targeted at contractholders, insureds and beneficiaries under the Covered Insurance Policies, or any Producers, or otherwise issuing policies to any Person who contacts the Ceding Company or any of its Affiliates on his or her own initiative without direct solicitation or as a result of such general solicitations or marketing efforts.

Program of Internal Replacement means any program that is initiated, maintained, sponsored or supported by the Ceding Company or any of its Affiliates to offer on a targeted basis to any or all Contractholders, Insureds or beneficiaries under Reinsured Contracts to exchange any such Reinsured Contract or any portion thereof for another policy written by the Ceding Company or any of its Affiliates that is not reinsured under this Agreement. For the avoidance of doubt, nothing in this Section 2.8 shall prohibit the Ceding Company or any of its Affiliates from engaging in general solicitations or marketing efforts not targeted at Contractholders, Insureds and beneficiaries under the Reinsured Contracts.

Program of Internal Replacement means any Ceding Company- or affiliate- sponsored or supported program offered to a class of Annuity owners in which an Annuity or any portion of the cash value of an Annuity is exchanged for another policy or annuity not reinsured under this Agreement which is written by the Ceding Company or any affiliate thereof, or any successor or assign of the Ceding Company or any such affiliate. Ceding Company agrees any monetary remedies for the Reinsurer under this Agreement and at law for any breach or threat of breach by Ceding Company of this Article VII.6 will be inadequate, that Reinsurer would suffer irreparable damage as a result of such breach or threat of breach, and that Reinsurer shall be entitled to an injunction or injunctions to prevent breaches of the provision of this Article VII.6 and to enforce specifically the terms and provisions hereof, in addition to any other remedy to which Reinsurer may be entitled under this Agreement or at law or equity, for damages or otherwise.